Private-Sector Approaches to Financing Long-Term Services and Supports

Background

Private-sector approaches for financing long-term services and supportsLTSS encompasses a broad range of assistance with activities of daily living and health-related tasks for people with functional limitations caused by physical or mental impairments. LTSS may be delivered in institutions or in a person’s home or a residential care setting. ( LTSSLTSS encompasses a broad range of assistance with activities of daily living and health-related tasks for people with functional limitations caused by physical or mental impairments. LTSS may be delivered in institutions or in a person’s home or a residential care setting. ) must be part of a comprehensive LTSSLTSS encompasses a broad range of assistance with activities of daily living and health-related tasks for people with functional limitations caused by physical or mental impairments. LTSS may be delivered in institutions or in a person’s home or a residential care setting. financing strategy. These include private long-term care insurance (LTCI), hybrid policies that link LTCI coverage to traditional life and annuityA contract that provides fixed payments for a lifetime or a specified number of years, usually after retirement. policies, public-private partnerships, life insurance products with accelerated insurance benefits paid from the death benefit, and reverse mortgages A loan that allows older homeowners to tap into the equity in their home without having to make monthly mortgage payments while still living there. Homeowners can receive a single lump-sum payment, tap a credit line as needed, or receive a monthly amount. The loan becomes due and must… .

Found in Private-Sector Approaches to Financing Long-Term Services and Supports